CommonWealth REIT to redeem rest of 8¾% series B cumulative preferreds

By Marisa Wong

Madison, Wis., Sept. 14 - CommonWealth REIT plans to redeem the remaining 7 million shares of its 8¾% series B cumulative redeemable preferred shares, according to a 424B5 filing with the Securities and Exchange Commission.

The company intends to use proceeds from a senior notes offering to reduce amounts outstanding under its revolving credit facility. It then expects to use borrowings available under the facility to fund the redemption.

CommonWealth is a Newton, Mass.-based nationwide office and industrial real estate investment trust.

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